A corporation may have one or more classes of members or may have no members. If the corporation has one or more classes of members, the designation of such class or classes, the manner of election or appointment and the qualifications and rights of the members of each class shall be set forth in the articles of incorporation or the bylaws. If the corporation has no members, that fact shall be set forth in the articles of incorporation or the bylaws. A corporation may issue certificates evidencing membership therein.
§ 53-8-11 NMSA 1978
Members
Known as the Nonprofit Corporation Act
The act spans §§ 53–53 (106 sections).
1953 Comp., § 51-14-53, enacted by Laws 1975, ch. 217, § 11.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.